trickle-down economics

A Presidential Retort

Barack Obama

Last week, President Obama addressed the City Club of Cleveland; he also spoke his mind about a few things having to do with the way of things in Washington:

It’s important to note that at every step that we’ve taken over the past six years we were told our goals were misguided; they were too ambitious; that my administration’s policies would crush jobs and explode deficits, and destroy the economy forever. Remember that? Because sometimes we don’t do the instant replay, we don’t run the tape back, and then we end up having the same argument going forward.

One Republican in Congress warned our policies would diminish employment and diminish stock prices. Diminish stock prices. (Laughter.) The stock market has doubled since I came into office. Corporate profits are―corporate balance sheets are stronger than they have ever been―because of my terrible business policies. (Laughter.)

One Republican senator claimed we faced trillion-dollar deficits as far as the eye can see. Another predicted my reelection would spike gas prices to $6.60 a gallon. (Laughter.) I don’t know how he came up with that figure―$6.60. (Laughter.) My opponent in that last election pledged that he could bring down the unemployment rate to 6 percent by 2016―next year―at the end of next year. It’s 5.5 now. (Applause.)

And right here in Cleveland, the leader of the House Republicans―a good friend of mine―(laughter)―he captured his party’s economic theories by critiquing mine with a very simple question: Where are the jobs, he said. Where are the jobs? I’m sure there was a headline in The Plain Dealer or one of the papers―Where Are the Jobs?

Well, after 12 million new jobs, a stock market that has more than doubled, deficits that have been cut by two-thirds, health care inflation at the lowest rate in nearly 50 years, manufacturing coming back, auto industry coming back, clean energy doubled―I’ve come not only to answer that question, but I want to return to the debate that is central to this country, and the alternative economic theory that’s presented by the other side.

Because their theory does not change. It really doesn’t. It’s a theory that says, if we do little more than just cut taxes for those at the very top, if we strip out regulations and let special interests write their own rules, prosperity trickles down to the rest of us. And I take the opposite view. And I take it not for ideological reasons, but for historic reasons, because of the evidence.

Imagine that. Evidence.

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Obama, Barack. “Remarks by the President to the City Club of Cleveland”. The White House. 18 March 2015.

Fun in Full Color

You might have noticed that of late we’ve been enjoying some bizarre aspect of denigrated black and white. There is, of course, a thesis suggesting that you’re altering a pre-existing work enough by doing so to distribute the image without license, but in truth this is the blogosphere, so we just hope to keep a step ahead of otherwise abhorrent citation standards.

Anyway … two color photos. Why? Why not?

WASHINGTON, DC - MAY 15: House Budget Committee Chairman U.S. Rep. Paul Ryan (R-WI) speaks at the 2012 Fiscal Summit on May 15, 2012 in Washington, DC. The third annual summit, held by the Peter G. Peterson Foundation, explored the theme "America's Case for Action." (Photo by Brendan Hoffman/Getty Images)
Professor Emeritus at Johns Hopkins School of Medicine Dr. Ben Carson speaks at the 41st Annual Conservative Political Action Conference (CPAC), at the Gaylord National Resort and Convention Center in National Harbor, Maryland, USA, 08 March 2014.  EPA/MICHAEL REYNOLDS

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